Life insurance with no medical questions at all?
Not exactly. A life insurance company is not in the business of just giving away insurance. While you might not find an application without any medical nosiness by the insurer, there are many policies that ask only a few health questions and no medical exam.
No Medical Exam Insurance
These types of policies go through much of the same underwriting process as traditional life insurance, except for one major thing. There is no physical exam involved, so the carrier relies on your answers to the health questions as well as information available in public databases. The health questions can get pretty extensive. Some companies will want to know anything and everything about you. For example:
- Your health history
- What prescriptions you take
- Your family's health history
- Your driving history
- Your occupation and activities you participate in
- Your height and weight
Those are just a few examples. The application and underwriting standards will vary from company to company.
Simplified Issue Insurance
This means that there is no exam and usually just a short application with a few health questions. The carrier will verify your answers with information on the Medical Information Bureau and prescription databases.
Guaranteed Issue Insurance
This type of life insurance policy is exactly what it says- guaranteed issue. The application can be as short as 5 to 7 health questions, and the company really just wants to know of any terminal illnesses, recent diagnosis', and recent heart attack. This type of policy is good for someone who might have major health issues (though not terminal), who has been denied for life insurance elsewhere.Life Insurance With No Medical Questions